In the analog audio world clipping is when you overdrive the amplifier resulting in a distorted output waveform - the flat top sine wave. When the amp is overdriven it is attempting to provide more voltage or current than it is capable of. The clipped or compressed signal can produce other artifacts such as harmonics that are undesirable - could be bad for your speakers.
Think of it this way - when you test an amplifier and want to see where it clips what do you change to make this happen? The input.
When testing for maximum output you will change the input amplitude and monitor the output under load - typically eight ohms. When you see the output signal distorted (clipped) you lower the input source voltage until the output signal matches the input signal and this would be maximum output wattage without distortion. So I would say that the onset of clipping occurs when the input source is overdriving the amplifier causing it to attempt to output a voltage or current that it is unable to provide.
Of course when clipping occurs this causes other problems that can be measured - especially if one has an AP.
I'd say you are a few milliseconds beyond clipping when your speaker drivers bottom out and make the sound of a lil machine gun (Rat a Tat Tat Tat)and the cones rip away from their foam surrounds and the dog runs out of the room howling. Best to back it off just before this happens or you will smell the scent of melted voice coils.
It is the exact moment that your barber just mates the front edge of the Oster clipper to your already follically challenged head and the first bit of hair falls to the barbershop floor...