Compass

A Compass is an item which will be added in the 0.8.0 update, and is only currently accessible through Inventory Editor or IMCPE Edit, but will not work. or 0.8.0 Beta. The compass will always point towards the spawn point, but is not affected by beds.

Crafting
We currently do not know the recipe, but will most likely be the same as the PC recipe; 4 Iron Ingots and 1 Redstone.

Trivia

 * In IMCPE Edit or Inventory Editor it resembles an iron bowl due to no advanced textures on the top.