Looks like this question has already been answered:
https://android.stackexchange.com/questions/26410/how-do-i-determine-which-a2dp-codecs-my-phone-supports-is-currently-using

See the top most answer with a 3 score as of writing this answer.

Basically you can find out what codecs are available on your device as it comes down to what the hardware supports.  There are licensing and other fees so not every device has the capability to support every codec.