CME Pty Limited is a biotech company that is developing a medical application for a rare skin condition. Each year it spends approximately $35m on research & development (R & D). An investment analyst at Bio Fund Managers believes that the company has been aggressively capitalising certain R & D costs with amortisation over three years. She is going to adjust her model to reflect a more appropriate accounting treatment. The capitalised amounts in question were $12m (2018), $15m (2019) and $21m (2020) and assumed to be spent at the start of each year and hence amortisation commenced in the same year of expenditure.

Calculate the amount of asset overstatement at the end of financial year 2020.