Clock could be item as also found in Laos (4)
I believe the answer is:
time
'clock' is the definition.
(time clock is a kind of clock)
'be item as also found in laos' is the wordplay.
'item' anagrams to 'TIME'.
Though, I am not sure how the anagram is indicated.
'could' acts as a link.
(Other definitions for time that I've seen before include "it may be Central European" , "Continuum of past, present and future" , "The fourth dimension?" , "Pub closing call" , "'. . . and tide wait for no man'" .)