COLLADA (DAE) files converted to the FBX format are limited to what the FBX format supports. The conversion process loses anything that is not supported by the current FBX version, even if it was previously supported by the DAE format before conversion.
COLLADA conversion can export meshes, bones, skin and morph controllers, as well as basic assets, materials, light and cameras with transforms animation (without shearing). It can re-import what has been exported. Only a Y-up axis is supported.
