When you check out a book from your library the file.acsm is like a ticket which allows ADE to download the actual book which is file.epub. You should be able to open and read the file.epub in ADE on your computer and use ADE to transfer the file.epub to your reader.
Therefore your problem is in transferring books from the computer to your Kobo. There have been lots of posts on this subject with various solutions. Search for posts with Kobo in the title and you may find a solution.
Yes I am able to open and read the file.epub in ADE on my computer however when I transfer the file to my reader i am getting a message saying
“Adobe Acrobat Reader DC could not open. (book name.epub) because it is either not a supported file type or because the file has been damaged
(for example, it was sent as an email attachment and wasn’t correctly decoded)”
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The error message is for Acrobat Reader which does not read epub files. How are you trying to transfer the book to your reader? I believe you should be using Adobe Digital Editions which should 'see' your Kobo and allow you to transfer the book to the Kobo. I am assuming that you have started ADE then attached the Kobo to the computer and turned it on. The first time you do this ADE should ask you to 'Authorise device' which you do with the exact same Adobe ID you used for ADE on your computer.