Does LPC54114 processor support USB2.0 standard ?
Are you sure you mean USB 2.0? Or do you want to know if the chip supports a certain speed, e.g. high speed?
To answer your question: "USB2.0 full-speed device controller"
You can find the user manual here:
http://www.nxp.com/documents/user_manual/UM10914.pdf
Look into chapter 20.3.