If I'm understanding well, what he proposes is for the chain to maintain a ledger with pairs (address, total balance) and transactions just saying "substract X from account Y and add them to Z" instead of "spend everything in Y, X in Z and the rest back to Y". Very similar to Ripple's ledger.
This would be a huge refactor and a hardfork, but I haven't actually heard any argument or explanation why the system isn't like that from the beginning.
Saying "you don't know what we don't use GAAP because you don't know bitcoin" doesn't help.
Please, some one explain him (and me) why GAAP is worse than cash/change in any aspect.