When we had a WETT dude look at our woodstove for insurance purposes (previous owner was VERY lax and playing with fire if you will), we went with proper stove board vs cement board. The cost difference was huge but it looked better and was the better option for us.
Up where I am, there has to be lots of floor clearance around the stove as well. We needed around 18" of fireproof material (we used sheet metal) in front of the stove and to the side. The stove itself sat on a bunch of 18" pavers that had mortared joints over a wooden floor. The walls got the stove board but remember to use 1" spacers (we used copper coupling) to allow airflow.
Can't be too safe when it comes to preventing fires imo.