You did not really give a lot to go on, but yes, it would be possible.
You get the value, you compare it to the current date and do something based on the comparison.
$today = date('Ymd');
$date = get_field('date_field', false, false); // get unformatted value
if ($date < $today) {
// date is passed
} else {
// date is not passed
}