Alternar campo de contraseña jetpack componer

Hola, estoy tratando de cambiar visualTransformation dinámicamente cuando el usuario hace clic en el botón para ver la contraseña. Puedo filtrar la contraseña, pero no pude mostrarla en texto sin formato. ¿Alguna idea para eso? Esto es lo que tengo hasta ahora.

fun UserInputText(
    keyboardType: KeyboardType = KeyboardType.Text,
    onTextChanged: (TextFieldValue) -> Unit,
    textFieldValue: TextFieldValue,
    visualTransformation: VisualTransformation = VisualTransformation.None,
    borderColor: Color = editTextBorderColor,
    keyboardShown: Boolean,
    onTextFieldFocused: (Boolean) -> Unit,
    focusState: Boolean,
    placeholder: String = "",
    modifier: Modifier = Modifier
) {
    Box(
        modifier = modifier.border(
            width = 2.dp,
            color = borderColor,
            shape = RoundedCornerShape(16.dp)
        )
    ) {
        var lastFocusState by remember { mutableStateOf(FocusState.Inactive) }
        val focusRequester = FocusRequester()
        val focusRequesterModifier = Modifier.focusRequester(focusRequester)

        BasicTextField(
            value = textFieldValue,
            onValueChange = { onTextChanged(it) },
            modifier =
            modifier.focus().then(focusRequesterModifier)
                .align(Alignment.TopStart)
                .focusObserver { state ->
                    if (lastFocusState != state) {
                        onTextFieldFocused(state == FocusState.Active)
                    }
                    lastFocusState = state
                },
            keyboardOptions = KeyboardOptions(
                keyboardType = keyboardType,
                imeAction = ImeAction.Send
            ),
            visualTransformation = visualTransformation,
            maxLines = 1,
            cursorColor = inputTextColor,
            textStyle = MaterialTheme.typography.body1.copy(color = inputTextColor)
        )
        if(keyboardType == KeyboardType.Password) {
            Image(
                vectorResource(id = R.drawable.ic_icons_watch_count_24), modifier = Modifier
                    .align(Alignment.TopEnd)
                    .padding(end = 16.dp, top = 16.dp).clickable(onClick = {})
            )
        }
    }
}

Puedes usar el estándar TextField componible:

var password by rememberSaveable { mutableStateOf("") }
var passwordVisible by rememberSaveable { mutableStateOf(false) }

TextField(
    value = password,
    onValueChange = { password = it },
    label = { Text("Password") },
    singleLine = true,
    placeholder = { Text("Password") },
    visualTransformation = if (passwordVisible) VisualTransformation.None else PasswordVisualTransformation(),
    keyboardOptions = KeyboardOptions(keyboardType = KeyboardType.Password),
    trailingIcon = {
        val image = if (passwordVisible)
            Icons.Filled.Visibility
        else Icons.Filled.VisibilityOff

        // Please provide localized description for accessibility services
        val description = if (passwordVisible) "Hide password" else "Show password"

        IconButton(onClick = {passwordVisible = !passwordVisible}){
            Icon(imageVector  = image, description)
        }
    }
)

Nota: para usar Icons.Filled.Visibility y Icons.Filled.VisibilityOff agregar en las dependencias: implementation "androidx.compose.material:material-icons-extended:$compose_version"

Mira esto:

    var passwordVisibility: Boolean by remember { mutableStateOf(false) }
    TextField(value = "Enter Password",
        visualTransformation = if (passwordVisibility) VisualTransformation.None else PasswordVisualTransformation(),
        leadingIcon = {
            IconButton(onClick = {
                passwordVisibility = !passwordVisibility
            }) {
                Icon(imageVector = vectorResource(id = R.drawable.ic_icons_watch_count_24))
            }
        },
        onValueChange = { })
    

Ocultar/Mostrar contraseña en jetpack componer

 @Composable
    fun CommonTextFieldPassword(
        text: MutableState<String>,
        placeholder: String,
        trailingIcon: Int = R.drawable.eye,
        visibility: MutableState<Boolean> = remember { mutableStateOf(false) }
    ) {
        TextField(
            value = text.value,
            onValueChange = { text.value = it },
            colors = TextFieldDefaults.textFieldColors(
                backgroundColor = Color.White,
                focusedLabelColor = fadedTextColor,
                textColor = headingColor,
                unfocusedLabelColor = fadedTextColor,
                unfocusedIndicatorColor = fadedTextColor,
                focusedIndicatorColor = headingColor
            ),
            label = { Text(text = placeholder) },
            trailingIcon = {
                Icon(
                    painter = painterResource(id = trailingIcon),
                    contentDescription = "",
                    modifier = Modifier
                        .size(25.dp)
                        .clickable {
                            visibility.value = !visibility.value
                        },
                    tint = if (visibility.value) titleColor else fadedTextColor
                )
            },
            modifier = Modifier.fillMaxWidth(),
            visualTransformation = if (visibility.value) VisualTransformation.None else PasswordVisualTransformation()
        )
    }