Yes, I haven't done it, but I watched one of the tutorials a while ago.
It is done by exporting from the 3d window via one of the IFC classes.
Turn on all the layers you want to export,
then select everything in the 3d window, then >File >File Special > IFC2x3,
after that look at chapter 8 of the Collaboration-Part 2 ITG, it demonstrates an AC to Revit 3D model export.
BTW there is a downloadable goodie for IFC2x2, but I don't know the importance of it.
AC12 is rather different than 14 in this regard, but after a brief look I think you can work through it.
Maybe 12 has its own ITGs that would be better than the one I refer to.
All the best,
Snap
PS, Oh, and look at
this post.